Text of Prime Minister’s Special Key Note Address at US-ISPF US-India Summit 2020
                                                                                                                 

Distinguished guests in India and USA,

Namaste,

It  is wonderful to see US-ISPF bring together a diverse range of people  for the US India Summit 2020. The work ofthe US-ISPF in bringing India  and USA closer is commendable. 

I  have known John Chambers for many years now. His affection towards  India is very strong. A few years ago he was awarded the ‘Padma Shri’.

Friends,

The  theme for this yearis a relevant one - Navigating New Challenges. When  the year 2020 began, did anybody imagine this is how it would pan out? A  global pandemic has impacted everyone. It is testing:our resilience,  our public health systems, our economic systems.

The  current situation demands a fresh mind set.A mind set where the  approach to development is human centric. Where there isa spirit of  cooperationbetween everyone.

Friends,

While  looking at the way ahead we should keep our focus on- ramping up our  capacities, securing the poor and future proofing our citizens. This is  the path India is taking. India was among the first in creating a  responsive system of lockdowns. India was among the first to advocate  the use of masks and face coverings as a public health measure. We were  also among the earliest to create public awareness campaigns about  social distancing. In record time, medical infrastructure was scaled up-  be it Covid hospitals, ICU capacities and more. Starting from one  testing lab in January, we now have around sixteen hundred labs across  the country.

The  outcome of these efforts has been that a country with 1.3 billion  people and limited resources has one of the lowest death rates per  million in the world. The recovery rate is also steadily rising. I am  happy that our business community, in particular small business been  pro-active. Starting from almost nothing, they made us the second  largest PPE kits manufacturer in the world.

This  is in line with India's spirit of challenging the challenge to emerge  stronger. In the last few months the nation has battled Covid, and other  crisis such as floods, 2-2 cyclones,locust attack.But, it has only made the people's resolve stronger. 

Friends,

Through  the entire COVID-19 period and the lockdown, the Government of India  was clear on one thing- the poor have to be protected. The ‘Pradhan MantriGaribKalyanYojana’ for  India's poor is among the largest support system seen anywhere  globally. Free food grainis being provided to 800 million people.This  scheme operates for 8 months.800 million people means:More than double  of USA's population. Free cooking gas is being provided to around 80  million families. Cash support has been provided to around 345 million  farmers and needy people. The scheme has given much-needed employment  for migrant workers by creating almost 200 million person-days of work.

Friends,

The  pandemic has impacted several things. But it has not impacted the  aspirations and ambitions of 1.3 billion Indians. In the recent months,  there have been far-reaching reforms. These are makingbusiness easier  and red-tapism lesser. Work is actively underway on the world's largest  housing program. The renewable energy infrastructure is being  expanded.Rail, road and air connectivity is being boosted. Our country  is creating a unique digital model to build a national digital health  mission. We are using the best of fin-tech to provide banking, credit,  digital payments and insurance to millions. All these initiatives are  being taken using world-class technology and global best practices.

Friends,

This  pandemic has also shown the world that the decision on developing  global supply chains should be based not only on costs. They should also  be based on trust. Along with affordability of geography, companies are  now also looking for reliability and policy stability. India is the  location which has all of these qualities.

As  a result, India is also becoming one of the leading attractions for  foreign investment. Be it America or the Gulf, be it Europe or  Australia-the world believes in us. We have received over 20 billion  dollars of foreign investment flows during this year. Google, Amazon and  Mubadala Investments have announced long-term plans for India.

Friends,

India  offers a transparent and predictable tax regime. Our system encourages  and supports honest tax payers. Our GST is a unified, fully IT enabled  indirect tax system. Insolvency and Bankruptcy Code has reduced risk for  the entire financial system. Our Comprehensive labour reforms will  reduce compliance burden for employers. It will also provide social  security protection to the workers.

Friends,

The  importance of investment in driving growth cannot be overstated. And we  are tackling both demand and supply side of it. By making India one of  the lowest tax destinations in the world and with further incentive for  new manufacturing units.Mandatory e- platform based ‘faceless  assessment’ will go a long way in helping citizens. So will the  Tax-payers charter. The continued regulatory reforms in bond markets  ensure improved ease of access for investors. There are tax exemptions  to ‘Sovereign Wealth Funds’ and ‘Pension Funds’ for Infrastructure  investment.FDI into India rose by 20 percent in 2019. This when global  FDI inflows fell by 1 percent. This shows the success of our FDI regime.  All of the above steps will ensure a brighter and more prosperous  tomorrow. They will also contribute to a stronger global economy.

Friends,

1.3  billion Indians have embarked on one mission- to make an ‘Aatmanirbhar  Bharat’ or self-reliant India. ‘Aatmanirbhar Bharat’ merges the local  with the global. It ensures India's strengths act as a global force  multiplier. Time and again, India has shown that our goal is global  good. Despite our large local needs, we did not shy away from our global  responsibility. The responsibility of being the world's leading  producer of generic medicines. We ensured constant supplies to the  world. We are also at the fore-front of research on the vaccine for  Covid-19. A self-reliant and peaceful India ensures a better world. 

‘Aatmanirbhar  Bharat’ is about transforming India from being just a passive market to  an active manufacturing hub at the heart of global value chains.

Friends,

The  road further ahead is full of opportunities. These opportunities are in  the public and private sector. They cover core economic sectors as well  as the social sectors. Recent sectors that have opened include Coal,  Mining, Railways, Defence, Space, and Atomic Energy.

Production  Linked Incentive schemes have been launched for- mobile &  electronics, medical devices, pharma sectors - they have been well  received. Such schemes are being planned for other Champion sectors too.  Reforms in agriculture marketing and 14 billion US Dollars agriculture  financing facility bring several opportunities.

Friends,

For  challenges in India, you have a Government that believes in delivering  results. A government for which Ease of living is as important as the  Ease of doing business. You are looking at a young country with 65  percent population less than 35 years old. You are looking at an  aspirational country that has decided to take the nation to new heights.  This at a time when we mark 75 years of independence. You are looking  at a country with political stability and policy continuity. You are  looking at a country with commitment to democracy and diversity.

Come, be a part of this journey with us.

Thank you.

Thank you very much.